OTHERS PESTECH INTERNATIONAL BERHAD ("PESTECH") -
MATERIAL LITIGATION - KUALA LUMPUR HIGH COURT (WA-24C-92-06/2023)
PESTECH INTERNATIONAL BERHAD
Further to PESTECH’s announcements made on 27 June 2023 where the subsidiary of PESTECH, PESTECH Technology Sdn. Bhd. (“PTECH”) had commenced legal action by filing an Originating Summons vide Kuala Lumpur High Court (WA-24C-92-06/2023) together with an Ex-Parte Application to restrain Maybank Islamic Berhad (“Maybank”) from making payment of the Performance Bond to Syarikat Pembenaan Yeoh Tiong Lay (“SPYTL”) (“Injunction Application”), PESTECH would like to announce that the High Court Judge had on today dismissed PTECH’s Injunction Application with costs of RM80,000 payable to SPYTL and RM25,000 to Maybank (“High Court Decision”).
However, on PTECH’s Counsel’s undertaking to file (a) an appeal to the Court of Appeal against the High Court Decision (“Court of Appeal"); and (b) an Erinford Injunction Application (“Erinford Application”) as soon as possible, the High Court Judge granted an ad interim Erinford Injunction (“Ad-Interim Erinford”) to maintain status quo pending the hearing of the Erinford Application. The Erinford Application is fixed for hearing on 11 December 2023. The purpose of the Erinford Application is to maintain status quo and to preserve PTECH’s interests pending the hearing at the Court of Appeal.
This announcement is dated 20 November 2023.
